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Tue 8 Sep 2009 12:27 AM

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Kuwait central bank appoints monitor for Investment Dar

Initiative comes after firm's failure to submit accounts and complaints about its activities.

The Governor of the Central Bank of Kuwait (CBK), Sheikh Salem al-Abdulaziz al-Sabah, on Monday confirmed that a monitor is being appointed to oversee the activities of troubled firm, Investment Dar.The Governor said that effective September 8 a temporary monitor will be appointed to oversee the company’s operations, KUNA reported.

Chief among the monitor's duties will be to find out why Dar has yet to be forthcoming regarding the filing of its 2008 accounts. The monitor will also be running a fine toothcomb through Dar’s restructuring plans, the Governor indicated.

He confirmed that he had received requests from Dar creditors urging the central bank’s intervention to ensure any restructuring plans are carried out under complete transparency.

The Governor also admitted the central bank has received complaints in the last few months from Dar shareholders and creditors that they have not received funds owed to them by Dar.

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